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Cyprus Property News

Still paying for your electricity or getting it for free with PV system?

Date: 12/01/15

Since 2013 installation of net metering for residential photovoltaic (PV) systems in Cyprus has become increasingly popular.

Thousands of homeowners across Cyprus opted to install solar panels to generate clean, renewable energy all year round.

As we know Cyprus is one of sunniest destinations on the Mediterranean. With around 340 sunny days per year it seems common sense to use abundant solar energy to generate electricity for households. To some extend this idea has been already implemented by using the sun to heat hot water via solar thermal systems. Due to island-wide use of solar thermal practically every house in Cyprus benefits from free hot water. To get free electricity was the next step.

It seems that the main obstacle on the way of expansion of PV systems was the cost of photovoltaic panels. Over the years the cost of solar panel manufacturing has been dramatically reduced to a level, affordable to majority of families. Some residents in Cyprus commented to our agency that they would rather invest in PV system for their home rather than keep the money in a bank. Indeed if we look at calculations, this idea makes perfect sense! The average price of 3kw Net Metering PV system for a 3 bed villa in Cyprus is up to EUR 5,600 including VAT and charges to Electricity Authority. The system includes 12 panels, installed on the roof of your house or in the garden. These panels produce the energy that amounts around EUR 1,750 per year. This amount is credited to your account with Electricity Authority, so that you only pay for electricity used above the level produced by your PV system. To put things in simple terms you are getting EUR 1,750 return on your EUR 5,600 investment, that’s over 31% per annum!

Buying a photovoltaic system makes perfect financial sense in terms of a short payback time. But this is not the only benefit. From the point of view of an estate agent presenting a property for sale with a PV system makes it much more appealing in the eyes of a buyer as running costs are an important factor when buying a permanent or holiday home. If you are still paying for your electricity in Cyprus, make the right decision – go solar and get your electricity for FREE.